Tabreed retains investors for Islamic Sukuk project

The National Central Cooling Company (Tabreed) has announced that it has retained The National Investor (TNI) and Credit Suisse First Boston (CSFB).

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By  Eudore Chand Published  January 14, 2004

The National Central Cooling Company (Tabreed) has announced that it has retained The National Investor (TNI) and Credit Suisse First Boston (CSFB) to act as joint lead managers for its planned US$100 million Islamic Sukuk offering. Tabreed is contemplating approaching the capital markets with the Sukuk offering in the first quarter of 2004. “Given the importance of this landmark transaction to both Tabreed and to the development of the local and regional capital markets, we have decided to combine the strengths of a leading global investment bank, such as CSFB, and TNI, with its extensive regional and local investment base, in order to ensure that this transaction is planned and executed in accordance with top international standards, for the benefit of both Tabreed and potential investors,” said Karl Marietta, Tabreed’s director of finance. Tabreed has offered district cooling as a utility in the UAE for over five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions in the UAE.

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